Calgary, Alberta-based Candre Cannabis, which is becoming a licensed medical cannabis producer, has closed a partnership with an unnamed Canadian private equity firm. According to the deal’s terms, the private equity firm has acquired common equity in Candre for an undisclosed sum. Also, the investor has provided Candre with access to initial financing for its development plans and will provide strategic advice and facilitate other business development efforts related to the production, distribution and sale of cannabis. The investor also has an option to increase its share to 50 percent of the voting equity in Candre.
Candre announces strategic partnership with a Canadian Private Equity Firm
CALGARY, Jan. 22, 2018 /CNW/ – Candre Cannabis Inc. (“Candre” or the “Company”) is pleased to announce that it has closed a strategic partnership with a Canadian Private Equity Firm (“CPEF”). The partnership will collaborate to execute a strategy positioning the Company to become a producer and distributor of medical Cannabis and Cannabis derivatives under the ACMPR (Access to Cannabis for Medical Purposes Regulations).
The CPEF has acquired common equity in the Company and provided Candre access to initial financing for its development plans. The partner will also provide strategic advice and facilitate other business development efforts related to the production, distribution and sales of Cannabis. The CPEF has an option to increase its equity share to 50% of the voting equity in Candre.
Candre has a staged growth strategy with a Phase I project (“Phase I”) covering approximately 42,000 sq. ft., located in Alberta, Canada. The second phase (“Phase II”) is planned to produce Cannabis from a facility in excess of 100,000 sq. ft., as an extension of the Phase I development. The strategic partnership assures initial development funding.
“Candre is excited about the transformational opportunity the partnership provides” says Mr. Jesse Beaudry, Candre’s President and CEO. “Adding the financial capability and experience of the partner to our hand picked technical team will enable Candre to stand out in this very dynamic market.”
About Candre Cannabis Inc.:
Candre is in the process of becoming a licensed medical Cannabis producer proposing to be based in Alberta, Canada and will operate within a highly regulated system under the terms of the ACMPR (Access to Cannabis for Medical Purposes Regulations).
Candre is well positioned to execute its strategy, which is initially focused on building and maintaining a highly reliable and scalable production and distribution base and establishing extremely reliable Cannabis products with industry leading compliance profiles.
Candre’s teams experience and proven business success in combination with their expertise in the regulatory environment, operations and overall business management will assist in achieving and maintaining its strategy.
For further information: Please visit www.candrecannabis.com for more information about the Company.